The short answer: not directly, but you have options
You cannot deposit a gift card itself into a bank account the way you would a check or cash. A gift card is a prepaid card issued by a store or company, and your bank has no way to read its value or transfer it into your account. However, you can convert a gift card into money that your bank will accept — either by spending it and depositing the cash you save, or by selling the card to someone else for cash, or in some cases by transferring the balance to a payment app that connects to your bank.
The method that works best depends on what kind of gift card you have, whether you want to use it or convert it to cash, and how quickly you need the money.
Key Takeaways
- Gift cards cannot be deposited directly into a bank account because banks cannot read or transfer their value.
- You can spend the gift card and deposit the cash savings into your bank account, or sell the card for cash through a resale marketplace.
- Some payment apps like PayPal or Venmo let you add certain gift cards and transfer the balance to a linked bank account.
- Selling a gift card online typically pays 70 to 90 percent of its face value, depending on the retailer and current demand.
- If you want to keep the card for spending, you can link it to your bank account as a payment method without depositing it.
Spending the gift card and depositing your own cash instead
The simplest path is to use the gift card to buy something you would normally buy anyway, then deposit the cash you would have spent into your bank account. For example, if you have a $50 grocery store gift card and you normally spend $50 on groceries each week, use the card this week and deposit $50 of your own cash into your account instead. The net result is the same — your account balance goes up by $50 — but the gift card value is now gone.
This works best when the gift card is for a store where you shop regularly. It does not work if the card is for a store you do not use, or if you do not have cash on hand to deposit. It also does not help if you need the money urgently, since you have to wait until you naturally spend the card amount.
Selling the gift card for cash through a resale site
Several websites buy unused gift cards from people and resell them. The most common are Raise, CardCash, and Decluttr. You list the card, set a price (usually 70 to 90 percent of what the card is worth), and when someone buys it, the site sends you cash via bank transfer, PayPal, or check.
The exact payout depends on the retailer and how much demand there is for that card right now. A card for a popular store like Target or Amazon usually sells quickly and at a higher percentage of face value. A card for a smaller or regional store may take longer to sell or pay less. Most sites charge a small fee — usually 1 to 2 percent — when they send you the money.
The process typically takes three to seven days from the time someone buys your card until the money reaches your account. You will need to photograph the card or enter its number into the site, and the site will verify the balance before listing it for sale.
Using a payment app to transfer the balance
Some payment apps let you add a gift card and then transfer its balance to a linked bank account. PayPal and Venmo both allow this for certain retailers, though not all. You add the gift card to your app account the same way you would add a debit card, and then you can either spend it through the app or request a transfer to your bank account.
The advantage is speed — a transfer usually completes within one business day. The disadvantage is that not every gift card works with every app, and some apps charge a small fee for the transfer. Check the app's help section or contact their support to confirm whether your specific card is supported before you try to add it.
Linking the gift card to your bank account as a payment method
If you do not need to deposit the card's value into your account but straightforward want to use it to pay for things, you can link it directly to your bank account through your bank's website or app. Most banks let you add external payment cards — including gift cards — as a way to pay bills or make transfers.
This does not put money into your account, but it does let you use the gift card's balance to cover expenses you would normally pay from your account. It is useful if you want to preserve your account balance for other purposes or if you prefer to keep your spending separate.
What to watch out for when selling a gift card
If you decide to sell the card online, verify the balance before you list it. Most resale sites will ask you to confirm the balance, and if it is lower than you stated, the sale may be cancelled and you will not be paid. You can check the balance at the retailer's website or by calling their customer service line.
Be cautious of sites that ask you to pay a fee upfront to sell your card, or that ask for personal information beyond what is needed to verify the card. Legitimate resale sites do not charge sellers to list a card, and they do not need your Social Security number or bank account details until you have made a sale.
Also be aware that some retailers restrict the resale of gift cards in their terms of service. This does not usually prevent you from selling, but it means the buyer assumes the risk that the card could be cancelled. Resale sites disclose this risk to buyers, so it affects the price they will pay.
Gift cards that are harder to convert to cash
Some gift cards are more difficult to sell or convert than others. Restaurant gift cards, for example, usually sell at a lower percentage of face value because they have a smaller resale market. Specialty store cards (like a card for a single salon or local boutique) may not be accepted by resale sites at all.
If you have a card for a store or restaurant that does not appear on any resale site, your best option is to use the card yourself or give it to someone who shops there. You can also try selling it on a general marketplace like Facebook Marketplace or eBay, though you will be responsible for verifying the balance with the buyer and managing the transaction yourself.
Frequently Asked Questions
Can I deposit a Visa or Mastercard gift card into my bank account?
No, not directly. However, you can use it to make purchases and deposit cash you save, sell it on a resale site for cash, or add it to a payment app and transfer the balance to your bank account. Some banks also let you link it as a payment method without depositing the balance.
Will I lose money if I sell my gift card?
Yes, typically. Resale sites usually pay 70 to 90 percent of the card's face value, depending on the retailer and demand. A $100 card might sell for $70 to $90. The exact amount varies, and some sites charge a small fee when they send you the money.
How long does it take to get cash from selling a gift card?
Once someone buys your card, the resale site usually sends you the money within three to seven days. The exact timing depends on the site and your payment method. PayPal transfers are often faster than bank transfers or checks.
What if my gift card has a low balance left on it?
Most resale sites will still accept it, but the lower the balance, the harder it may be to sell. A card with $5 left on it might not sell at all. In that case, using the card yourself or giving it away is usually the only option.
Can I use a gift card to pay my bank account bills?
You can link a gift card to your bank account as a payment method, which lets you use it to pay bills or make transfers. However, this does not deposit the card's value into your account — it just lets you spend the card's balance on expenses you would normally pay from your account.